Brookfield Property Partners L.P. (NYSE:BPY) and Qatar Holding, LLC made an offer to acquire the remaining 71.4% stake in Songbird Estates plc (AIM:SBD) from Madison International Realty, LLC, Morgan Stanley, Simon Glick and others for £1.6 billion in cash on November 7, 2014. Songbird Estates shareholders will receive £2.95 per share as consideration as per the terms of the offer. The Board of Directors of Songbird Estates has reviewed the proposal with its advisers and has unanimously concluded to reject the proposal on the grounds that it materially undervalues Songbird Estates. As of November 17, 2014, Brookfield Property Partners and Qatar Holding are close to tabling a higher takeover bid for Songbird Estates. Brookfield Property Partners and Qatar Holding, LLC made a final offer to acquire remaining 71.4% stake in Songbird Estates plc for £1.8 billion in cash on December 4, 2014. Under the terms, Brookfield and Qatar will acquire each share of Songbird they do not already own at the price of £3.5 per share. The Board of Songbird believes the offer does not reflect the full value of the company. Brookfield Property Partners secured £960 million ($1.53 billion) debt to finance the transaction.

As announced on December 5, 2014, Canary Wharf Owner Rejected the final Offer by Qatar and Brookfield. As of December 8, 2014, under the terms of letter of intention, Madison International Realty states an intention to accept the Songbird offer in respect of a total of 18.63 million Songbird shares representing approximately 12%. As of December 10, 2014, EMS Capital LP gave its acceptances with regard to 4.99 million Songbird shares representing 3.2%. Also, Third Avenue Management will accept the Songbird offer in respect of a total of 25.55 million Songbird shares. Thus, QIA and Brookfield have so far received public support from holders of approximately 31.6% of Songbird's free float. As of January 12, 2015, the board of Songbird published its response circular in connection with the offer, wherein it recommended that the shareholders do not accept the offer as it does not reflect the full value of the business. Board of the owner of the Canary Wharf office-and-retail development recommended shareholders to reject this bid. On January 22, 2015, Brookfield Property Partners and Qatar Holding reminds the shareholders of Songbird on the closing date of the Songbird offer which is on January 29, 2015. As of January 23, 2015, the transaction was approved by European Commission.

As of January 28, 2015, the board of Songbird advised by Rothschild, Morgan Stanley and J.P. Morgan Cazenove, continues to believe that the offer does not reflect the full value of the business. Simon Glick, China Investment Corporation and US bank Morgan Stanley backed the bid. As of January 30, 2015, Qatar Holding and Brookfield Property own 93.6% stake in Songbird. QIA and Brookfield will now focus on gaining the backing of the remaining 6.4% following the 14-day extension, which runs until February 12, 2015.

Alex Midgen, Rob Waddingham and Peter Everest of N M Rothschild & Sons Limited, Nick White, Guy Metcalfe and Ian Hart of Morgan Stanley & Co. International plc and Bronson Albery, John Mayne and Mark Breuer of J.P. Morgan Cazenove acted as financial advisors to Songbird Estates. Simon Sporborg and Rosheeka Field of Brunswick Group served as the public relations contact for Songbird Estates. Oliver Smith, Richard Choi and Simon Alexander of HSBC Holdings plc acted as financial advisor for Brookfield Property Partners L.P and Qatar. Derek Shakespeare, Jean-Philippe Establier and Tom Boardman of Barclays and Jan Skarbek, Edward McBride and Charles Lytle of Citigroup acted as the financial advisor for Qatar Holding and Brookfield. Slaughter and May acted as a legal advisor to Songbird Estates. David Henderson, James Murgatroyd and James Bradley of Finsbury acted as PR adviser to Qatar Holding. John Kiely and Ged Brumby of Smithfield acted as PR adviser to Brookfield. Mike Flockhart, Malcolm Lombers, Kristen Roberts, Gareth Sykes, Thomas Vaughan and Richard Hollis of Herbert Smith LLP acted as legal advisors for Citigroup, Barclays and HSBC. Computershare Investor Services Plc acted as receiving agent for the offer. George Karafotias, Robert Evans, Michael Shulman, James Webber, Simon Little, Simon Letherman, Nick Withers, Richard Porter, Roisin McCourt, Isla Smith, Sophie Rees, David Plattner, Caitlin Ludwigsen, Alex Skelton, Sebastian Krujatz, Gabriel Ng, Jeffrey Tate, Ryan Thomas Bray and Laurence Levy of Shearman & Sterling LLP acted as legal advisors for Qatar Investment Authority and Brookfield Property Partners L.P. Mark Poulton of Clifford Chance LLP acted as legal advisor to Canary Wharf Group Plc, the subsidiary of Songbird Estates plc. Matthew Elliott, William Buckley, Tom Watkins, Magnus Mason, Celyn Evans, Alex Lehtinen, Hannah Chuter, Rok Lasan, Nick Rumsby, Michael Cutting, Cara Hegarty, Martin Lynchehan, Cian O'Connor, Ludovica Pizzetti, Richard Cole, Edward Smith, Noam Katz, Mike Bienenfeld, Elizabeth Conway, Phil Robinson, Johanna Leung, Peter McCabe and Adam Blin of Linklaters, LLP acted as legal advisor to Brookfield Property Partners. Jones Day acted as legal advisor to Morgan Stanley. Appleby acted as legal advisor to Qatar and Brookfield and Kerri Lefebvre, Martin Lane, David Astwood, Kathleen Moniz and Chiara Nannin of Conyers Dill & Pearman Limited as legal advisors to Qatar.

Currency conversion are made on www.oanda.com on November 7, 2014.

Brookfield Property Partners L.P. (NYSE:BPY) and Qatar Holding, LLC completed the acquisition of the remaining 71.4% stake in Songbird Estates plc (AIM:SBD) from Madison International Realty, LLC, Morgan Stanley, Simon Glick and others on February 4, 2015. As of February 4, 2015, valid acceptances for shares representing 65.49% stake in Songbird have been received. Brookfield Property and Qatar Holding are therefore is reducing the percentage of Songbird shares required to satisfy the acceptance from 90% to more than 50%. Accordingly, the acceptance condition has now been satisfied and the offer has become unconditional as to acceptances and is now declared unconditional in all other respects. Brookfield and Qatar intend to exercise their rights to acquire compulsorily the remaining Songbird shares. As of April 20, 2015, Brookfield Property Partners L.P. (NYSE:BPY) and Qatar Holding, LLC completed the acquisition of all Songbird shares. Songbird's shares are expected to cease trading on London's AIM market on April 23, 2015.